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2015 (9) TMI 653 - AT - Income TaxUnexplained cash credits and payments of credit cards from undisclosed sources - CIT(A) deleted the addition - reopening of assessment - Treating the unexplained cash credits as business receipt and determining income from business by applying net profit @ 5% of the business receipts - Held that:- CIT(A) has correctly mentioned that the income of the assessee’s wife has to be excluded from the income tax assessment of the assessee, as the wife of the assessee is filing her returns with the respective ITO. The CIT(A) has correctly directed the Assessing Officer to compute the assessee’s income from salary and income from small business under Section 44AF at 5% of turnover and recomputed the same. The Assessing Officer has failed to establish that the Income of the wife is not separate from the assessee’s income along with his salary income. - Decided against revenue.
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